The city of Hancock, Maryland is headed to mediation with multi-state hashish firm Trulieve over the earnings of its 5% fairness stake within the firm, the Washington Post experiences. The city, in 2015, entered into the distinctive settlement with Harvest Inc., in change for a medical hashish license; nevertheless, Trulieve acquired Harvest this 12 months in a $2.1 billion deal.
Throughout a latest Fb chat with residents, City Supervisor Michael Religion stated the city and Trulieve disagree “on what constitutes a revenue,” prompting the mediation.
Steve White, then-chief govt of Harvest and now president of Trulieve, informed the Submit that Hancock “will obtain what now we have agreed accounts for a 5% fairness curiosity within the enterprise” and “they may obtain more cash if the entity in Maryland does higher.”
In an e mail to the Submit, Religion stated the city has acquired a complete of $703,193.96, with a $500,000 fee made in July 2021. Throughout one of many city’s prior negotiations with Trulieve, a former mayor stated, Hancock requested for $50,000 in annual funds, and, in response to Religion, funds of $50,000 had been made in July 2021 and March 2022.
The city has additionally misplaced about $600,000 plus curiosity in federal grants as a result of deal – the federal government reclaimed the funds over considerations about giving tax {dollars} to a city that’s concerned in a federally outlawed enterprise, specifically the hashish commerce.
Hancock officers haven’t offered an estimate of what they consider they’re owed by Trulieve. The mediation is ready for August 30.
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